https://www.taxtmi.com/caselaws?id=261092 Interest earned from bonds and debentures was held outside the charging provision of the Interest Tax Act, 1974 because section 2(7) confines "interest" to interest on loans and advances made in India, with limited statutory inclusions and exclusions. Investment in bonds or debentures was not treated as a loan or advance, so the receipts did not attract interest tax. The Court further stated that a departmental instruction cannot override or control the plain construction of the statute. en-us Wed, 11 Mar 2015 00:00:00 +0530 Thu, 02 Jul 2015 06:08:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261092 Interest earned from bonds and debentures was held outside the charging provision of the Interest Tax Act, 1974 because section 2(7) confines "interest" to interest on loans and advances made in India, with limited statutory inclusions and exclusions. Investment in bonds or debentures was not treated as a loan or advance, so the receipts did not attract interest tax. The Court further stated that a departmental instruction cannot override or control the plain construction of the statute. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261092